Citi appoints Favila as new Philippine CEO

CITIGROUP, INC. on Wednesday appointed Paul A. Favila as the new country officer and chief executive officer (CEO) for the Philippines.

Mr. Favila, a 29-year veteran of the bank, will be Citi Philippines’ first Filipino country head in more than 35 years, the lender said in a statement.

The appointment is subject to regulatory confirmation.

The last Filipino to take the post was the late Rafael B. Buenaventura, who became Bangko Sentral ng Pilipinas (BSP) governor under two administrations.

Mr. Favila will replace Aftab Ahmed, who was appointed Citi Taiwan CEO in January.

He is currently the Citi Philippines’ country treasurer and markets head, in charge of the bank’s foreign exchange, rates, commodities, and structured solutions businesses in the country.

He also holds positions in the Bankers Association of the Philippines and the Money Market Association of the Philippines, Citi said.

As country officer, Mr. Favila will oversee all Citi businesses across the franchise in the Philippines and report to Amol Gupte, Citi Head of South Asia and ASEAN.

“Citi just celebrated a historic 120 years in the Philippines. We remain to be the largest foreign bank in the country in terms of asset base. We have thriving institutional businesses in Banking, Markets and Services and our Citi Solutions Center which provides voice and non-voice services to Citi affiliates, subsidiaries, and branches around the globe. We are excited to see how Paul’s leadership will help take the franchise forward,” Mr. Gupte said.

“I am deeply honored by the trust placed on me by Citi. We are excited by the economic opportunities that abound in this country and will continue to focus on enabling growth and progress in the Philippines. As we have done in our past 120 years, we will bring the full power of Citi’s global network in delivering excellent service to our clients. I look forward to leading our 7,000-strong franchise into the next era of global business,” Mr. Favila said. — AMCS